camille busette - 2014 conference on global and european trends in financial education in istanbul
TRANSCRIPT
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Remittance Corridor: the role of financial education in
empowering migrant workers and their families
High-Level International Conference
Global and European Trends in Financial Education
May 22-23, 2014
Istanbul
Camille M. Busette
Consumer Financial Protection Bureau
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Our Vision
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A consumer finance marketplace…
where customers can see prices and risks up front and where they can easily make product comparisons;
in which no one can build a business model around unfair, deceptive, or abusive practices;
that works for American consumers, responsible providers, and the economy as a whole.
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Office of Financial Education Objectives
• Build a comprehensive approach to financial education in the U.S.: Develop knowledge about what works in financial education and provide opportunities for financial educators to learn about effective strategies
• Promote innovation: Test new ideas and share successful innovations with the field
• Educate consumers: Provide understandable information that helps customers make informed financial decisions
• Educate youth: Build on existing efforts to identify and promote best practices in K-12 financial education
• Increase outreach and federal coordination: Build relationships with all stakeholders. In addition, Director of the CFPB serves as the vice chair of the Financial Literacy and Education Commission
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Greater mobility is a global reality…
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2013 230 million people were
migrants
2012 41 million
immigrants in the U.S.
2011 15 million EU
citizens migrants in EU
31 million non-EU citizens migrating to
EU
…Profiles of immigrants vary
widely, but all need a range
of financial products and
services
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Greater mobility brings challenges and opportunities in financial services
Challenges
Immigration status
Identification and credit scoring
Opportunities:
Policy changes
Public/Private Partnerships
Coordination with NGOs
Cross-national coordination
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Remittance rule:
Consumer education campaign
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The audience: Remittance Senders
About 5 percent of U.S. households send remittances (Census
Bureau)
Majority of remittances sent from the United States go to Mexico,
Caribbean, China, India and the Philippines.
Remittance senders:
Immigrants and guest workers
Women – 44%; Men – 56%
In their 30s, in the U.S. for average of 7 years
Generally low-income, but send about 15% of income home
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The audience: Language needs
Region Speak Speak English less than very well*
Mexico/Latin America Spanish 16,433,118
China Chinese 1,502,917
Philippines Tagalog 494,741
Caribbean Spanish French Creole
(included above) 303,794
India Hindi 128,749
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* Source: U.S. Census Bureau, 2007-2011 American
Community Survey
Campaign materials made available in English, Spanish,
Chinese, Tagalog and French-Creole.
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Poster
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Brochure
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Media
Earned media
Spanish language press
Spanish language TV
Spanish language radio
Owned media – consumerfinance.gov and social media assets
Organizational marketing – working with other “trusted”
organizations to help us spread the word.
Organization networks can penetrate to the grassroots level
Paid media:
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Twitter Chat
1 hour using Twitter accounts of Mexican and US government
agencies during the Mexican financial education week
Chat visible to more than 200,000 people
Partnered with Mexican Consumer Financial Protection Agency
(CONDUCEF) and Mexican Consumer Protection (PROFECO)and
the Institute for Mexicans Abroad (IME)
People waiting in line submitted questions either via personal
Twitter account or via consulate desk officer
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Thank you
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